Bitcoin Whales move $400 million in three days

Two academics contend 2017 Bitcoin bubble due to Whale’s manipulation

Bitcoin whales are up again. At the end of the week, bitcoin whales have reportedly moved over $380 million in less than three days. While “whale activity” is quite common especially for the top five cryptocurrencies, no other digital currency even comes close to the amounts moved by Bitcoin “giants”.

The top five transfers were worth around 40k in BTC. Not surprisingly, these came from anonymous wallets and anonymous users. One reason for the movement may be the increased volatility in the price of Bitcoin in the last week.

For example, the price fluctuated between the mid $9,500s to more than $10,500 – all great price “windows” for quick profits, especially for the “whales” who have more to gain when they can.

One of the more interesting facts is the cost of these transactions. As most of the press noted, it is impressive to know that transacting with around $280 million of Bitcoin costs somewhere around $27 in transaction fees – an amount that simply cannot be compared to the one by bank transactions.

Bitcoin whales are also on the lookout for even greater price swings, which are very common to the people’ currency. Around 13th July, Bitcoin traded at around $11,740 – now, at the end of the week – $10,400.

More about the bitcoin whales can be found here:

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